Ecuador Economic Activity February 2016

Ecuador: Economic activity recovers in February

April 11, 2016

In February, economic activity recovered, expanding 3.4% over the same month last year, according to the monthly indicator for economic activity (IDEAC, Indice de Actividad Economica Coyuntural). February’s increase contrasted the 0.1% fall observed in January and marked the largest expansion in 10 months.

On a month-on-month basis, economic activity in February increased 1. 13% in seasonally-adjusted terms, which is an improvement over the 1.01% increase recorded in January and marks the largest increase since December 2011. The annual average variation in economic activity advanced from January’s minus 3.3% to minus 3.0% in February.

Panelists surveyed for this month’s LatinFocus report see GDP growing 1.7% in 2016, which is unchanged from last month’s forecast. For 2017, panelists expect the economy to expand 1.0%.

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Ecuador Economic News

A contentious national referendum held on 4 February awarded President Lenín Moreno a resounding victory over comrade-turned-foe, former president Rafael Correa, paving the way for Moreno to consolidate power.

In November, economic activity contracted 0.8% in annual terms, according to the monthly indicator for economic activity (IDEAC, Indice de Actividad Económica Coyuntural) released by the Central Bank of Ecuador.

Ecuador’s economic recovery continued to gain steam in the third quarter of 2017: Annual GDP growth rose to 3.8%, following a revised 2.9% year-on-year expansion in the second quarter (previously reported: +3.3% year-on-year).